Analyst Laura Sutcliffe commented, "One of the key risks to the short-term Buy case for Bristol has crystallised. Following the failure of CheckMate 026 – which evaluated IO drug Opdivo as monotherapy in first-line NSCLC in PD-L1 positive patients – we downgrade our recommendation for Bristol from Buy to Hold. While a lack of success in this particular trial has no impact on about half of Bristol’s IO opportunity, it affects the NSCLC space as a whole, and places Bristol on the back foot in a market where it has, up until now, dominated."

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